India Ratings for Indian debt instruments – Sep 9

    Sep 9 - Below are the ratings awarded by India Ratings and Research Private Ltd
(India Ratings), formerly known as Fitch Ratings India for local debt instruments as of
September 8, 2020.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Hpcl Mittal Pipelines Ltd      CP (CP)                IND A1+          3       Affirmed
Hpcl Mittal Pipelines Ltd      Short-TL               IND A1+          2       Affirmed
Kcp Engineers Pvt Ltd          Non-FB limits          IND A2           250     Assigned
Kcp Engineers Pvt Ltd          Proposed non-FB limits*Provisional IND  100     Assigned
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by KCP to the satisfaction of Ind-Ra.
Mohit Ventures Pvt Ltd         Non-FB limit           IND A4+          22.5    Affirmed
Samal Builders Pvt. Ltd        Non-FB limit           IND A4+          70      Assigned
Samal Builders Pvt. Ltd        Proposed non-FB limit* IND A4+          30      Assigned
Suryalata Spinning Mills Ltd   Non-FB WC Fac          IND A3+          12.5    Affirmed
Suryalata Spinning Mills Ltd   Forward cover facility IND A3+          5.2     Affirmed

Trijal Enterprise Pvt Ltd      Non FB limit           IND A4+          280     Assigned
Hpcl Mittal Pipelines Ltd      TL                     IND AA+/Stable   -       Affirmed
(reduced from 0.2625)
Hpcl Mittal Pipelines Ltd      NCDs (NCDs)            IND AA+/Stable   2.13    Affirmed
(reduced from INR2.23)
I G Petrochemicals Ltd         TL                     IND A+/Stable    1450    Affirmed
(reduced from INR1,544.9)
I G Petrochemicals Ltd         LT borrowing           IND A+/Stable    414     Affirmed
(reduced from INR750 )
I G Petrochemicals Ltd         Bk Fac                 IND              4209    Affirmed
                                                      A+/Stable/IND A1+
(increased from INR3,778)
Irm Energy Pvt Ltd             TL                     IND A-/Positive  3350    Affirmed
Outlook Revised to Positive
Irm Energy Pvt Ltd             FB WC limits           IND              100     Affirmed
Outlook Revised to Positive
Irm Energy Pvt Ltd             Non-FB WC limits       IND              500     Affirmed
Outlook Revised to Positive
Irm Energy Pvt Ltd             Proposed WC limits     WD               80      Withdrawn
(the company did not proceed with the instrument as envisaged)
Kcp Engineers Pvt Ltd          FB WC limits           IND BBB/Stable   300     Assigned
Mohanrao Shinde Sahakari SakharLT loans               IND B-           181.62  -
Karkhana Ltd
(Issuer Not Cooperating); Migrated to non-cooperating category
Mohit Ventures Pvt Ltd         FB WC limits           IND BB+/Stable   77.5    Upgraded
Mohit Ventures Pvt Ltd         TL                     IND BB+/Stable   86.7    Upgraded
Montecarlo Asset Holdings Llp  TL                     IND A-/Stable    420     Affirmed
Nmdc Ltd                       NCD#                   IND AAA/RWN      5.24    Assigned and
                                                                               Placed on RWN
#The assignment of the final rating follows the receipt of final NCD documents
Nmdc Ltd                       Non-FB limits          IND              24.5    Affirmed
Nmdc Ltd                       FB limits              IND              0.5     Affirmed
Nmdc Ltd                       Proposed NCDs (NCDs)*  Provisional IND  44.76   Placed on RWN
*The final rating will be assigned following the closure of the issue upon the receipt of final
documentation, conforming to the information already received by Ind-Ra. The final documentation
includes all finalised financing and transaction document
Samal Builders Pvt. Ltd        FB limit               IND BB/Stable    65      Assigned
Sandhar Amkin Industries Pvt LtLong-TL *              IND BBB/Stable   120     Affirmed
* Backed by unconditional and irrevocable shortfall undertaking by Sandhar Technologies Ltd
(STL, ‘IND AA-’/Stable).
Sandhar Amkin Industries Pvt LtFB limit*              IND              70      Affirmed
                                                      BBB/Stable/IND A2
* Backed by unconditional and irrevocable shortfall undertaking by Sandhar Technologies Ltd
(STL, ‘IND AA-’/Stable).
Shreas Industries Ltd          Proposed TL*           Provisional IND  5320    Assigned
*The rating is provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facility by Shreas to the satisfaction of Ind-Ra.
Suryalata Spinning Mills Ltd   TL                     IND BBB/Stable   677.7   Affirmed
(reduced from INR742)
Suryalata Spinning Mills Ltd   FB WC  Fac             IND              493.5   Affirmed
Trijal Enterprise Pvt Ltd      FB limit               IND BB-/Stable   219.4   Upgraded
(increased from INR198)
Trijal Enterprise Pvt Ltd      TL                     IND BB-/Stable   50.6    Assigned
Note:- All Indian National-scale ratings previously assigned by Fitch have been transferred to
India Ratings & Research Private Ltd (India Ratings), which is a wholly owned subsidiary of the
Fitch Group. The withdrawn criteria are now available on India Ratings' website at

$: Rating watch with positive implication
#: Rating Watch with Developing implications
@: Rating Watch with Negative Implications
%: Rating under Credit Watch
wd -Rating Stands Withdrawn
sp -Rating Suspended
pp -Principal Protected
pn -Principal Not Protected

INDIA RATINGS may apply + or - signs for ratings to reflect a comparative standing within the

BG-Bank Guarantee; CC-Cash Credit; CCPS-Cumulative Convertible Preference Share; CD-Certificate
of Deposit; CLO-Collateralized Loan Obligation; CPA-Claims Paying Ability; CP-Commercial
Paper; CPS-convertible preference shares; CRPS- Cumulative Redeemable Convertible Preference
shares; DDB-Deep Discount Bond; EPBI-Exchange premium bond; FBL-Fund Based Limits; FRB/FRN
-Floating Rate Bond/Note; ICD -Inter Corporate Deposit; ITD-Immediate Term Debt; LOC-Letter of
Credit; LT -Long Term; LTB -Long Term Borrowing; LTD -Long Term Debt; MOCD-multiple option
convertible debenture; MTD -Medium term Debenture; MTN-medium term notes; NCD(SO) -
Non-Convertible Debenture-(Structured Obligation); NCD-Non-convertible Debentures; NCRB-Non
Convertible Redeemable Bonds; NM-Not Meaningful; OCD-optionally convertible debenture; OD-Over
Draft; OFCD-Optionally Fully Convertible Debenture; PCD-Partially Convertible Debenture;
PCN-partly convertible notes; PCPS-Partly Convertible Preference Share; POCD-partly optional;
PP-privately placed; PSPC-Post Shipment & Packing Credit; PS-Preference Shares; PTC-Pass
Through Certificates; RPS-Redeemable Preference Shares; SCPN-secured convertible preference
notes; SDO-Structured Debt Obligation; SLR-Statutory Liquidity Ratio; SO-Structured
Obligation; SPCD - Secured Partly Convertible Debentures; SPN-secured premium notes; STB-Short
Term Bond; STD-Short Term Debentures; ST-Short Term; Sub. Bonds-Subordinate Bonds; TB-Taxable
Bond; TFB-Tax Free Bond; TL-Term Loan; TOCD-triple option convertible debentures; RWN- Rating
Watch Negative;
RWN- Rating Watch Evolve.

(Mumbai Rate Reporting Unit + 91 22 6180 7222 / 3317 7222, E-mail at